The director of the Michigan Department of Insurance and Financial Services on Friday placed Ukrainian Future Credit Union, Warren, Mich., into conservatorship and appointed the National Credit Union Administration as conservator.
Ukrainian Future Credit Union is a federally insured, state-chartered credit union with 5,692 members and assets of $84.6 million, according to the credit union’s most recent call report.
According to a statement from NCUA, the Michigan regulator placed Ukrainian Future Credit Union into conservatorship because of “unsafe and unsound practices at the credit union.”
NCUA said while Ukrainian Future CU continues its normal member services, the regulator “will work to resolve issues affecting the credit union’s operations.”
“Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares,” NCUA said in a statement.
Chartered in 1961, Ukrainian Future Credit Union serves the members of the Future Ukrainian-American Aid Association of Detroit.